OSHKOSH, WI (WTAQ-WLUK) — Employee furloughs, lower salaries and temporary plant shutdowns are among the steps Oshkosh Corp. is planning to save $80-100 million amid the coronavirus pandemic.
“Oshkosh delivers essential products and services and we have large customer backlogs in both our defense and fire & emergency segments, providing good visibility for these businesses well into fiscal 2021,” president and CEO Wilson R. Jones said in a news release. “Despite excellent visibility in these two segments, we are facing uncertain demand in the access equipment and commercial segments as well as potential disruptions with supply chain continuity and team member availability in all of our segments. Our integrated supply chain is collaborating across the world to pursue alternatives with our supply partners and communicate frequently with our people to mitigate these risks.”
The company is also planning to cut executives’ and board members’ pay and reduce travel expenses.
“We believe these are the right actions for our Company as we stay nimble and close to our team members, customers and suppliers. Our balance sheet is strong and our liquidity of approximately $1.2 billion at March 31 positions us well to navigate through the global pandemic. I am confident that Oshkosh will emerge stronger as we work to get to the other side of this global crisis,” Jones said.
